The major drivers of the glycolic acid market are especially from the personal care industry owing to the increasing awareness in the skin care and hair care market. In addition, increasing demand from industrial applications such as textile dyeing and finishing, oil field, and petroleum refining is expected to drive the market growth in the near future.
The global glycolic acid market is primarily segmented on the basis of source, application, end user, and region. Based on the source market, the market is segmented into natural and synthetic. On the other hand, on the basis of application, the market is segmented into skin and hair care, textile dyeing and finishing, oil field, petroleum refining, and others (tanning, printed circuit board flux, electropolishing, etc.). Based on end user, the market is segmented into personal care, pharmaceutical, household, and others (electrical, etc.), and based on regional market, into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Glycolic acid is used in industrial products such as PET bottles and medical sutures. Increasing support for biodegradable products is expected to positively impact the global glycolic acid market over the next six years. Polyglycolic acid (PGA) is a derivative of glycolic acid and is used in the manufacture of surgical sutures. Growing demand for PGAs owing to rising medical device usage is expected to drive the market over the forecast period. Glycolic acid_ is used as an ingredient in shampoos, exfoliants, ointments and moisturizers. Growing demand for personal care products coupled with rising consumer awareness towards the use of biodegradable products is expected to create opportunities for market players in the foreseeable period.
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